Peeling Back Money and Life: Recent Episodes
Casey Redmond
Peeling Back Money and Life is a financial podcast that gives guidance to better integrate our money into our lives. This show is a great place to understand the multiple layers money can play in your life and how we can maximize the money that comes into our lives!
As your host it is my mission to provide my perspective and experience on how we can maximize our lives today while we plan for the future. To help you make wiser money decisions so you can live the life you desire at every stage.
Looking forward to getting your feedback and learning together on this journey!
Join Mike and Casey as they delve into the crucial topic of IRMAA and its impact on your Medicare premiums. Discover practical strategies to manage your income and avoid those extra costs. Tune in to learn about the Top 7 ways to avoid or reduce IRMAA surcharges. Don't miss out on this essential guide to optimizing your retirement finances!
Resources
https://www.kiplinger.com/retirement/medicare/medicare-premiums-2024-irmaa-for-parts-b-and-d
Will-I-Avoid-IRMAA-Surcharges-On-Medicare-Part-B-And-Part-D-2024.pdf
Struggling with health insurance options before hitting 65? We've got you covered! Join us as we break down COBRA, marketplace plans, employer-sponsored benefits, and more. Discover the best strategies to ensure continuous, affordable healthcare. Tune in and make informed decisions for your future!
Resources
https://finder.healthcare.gov/
https://www.dol.gov/agencies/ebsa/laws-and-regulations/laws/cobra
https://www.healthcare.gov/lower-costs/
https://www.kff.org/medicare/issue-brief/retiree-health-benefits-going-going-nearly-gone/
https://www.mass.gov/news/what-you-should-know-about-health-care-sharing-ministries-discount-plans-and-risk-sharing-plans
https://www.healthsharingplans.com
https://www.ehealthinsurance.com/small-business-health-insurance?allid=goo28098000&sid&s_kwcid=AL!4462!3!694877887352!b!!g!!small+business+health+insurance+comparison&gclid=CjwKCAjwx-CyBhAqEiwAeOcTdUqJt8cN_gXFZ7rJWZ09xqEPSB4e0ex89sv0qo54N8b6cR54XWXdnhoCBjUQAvD_BwE
https://www.cms.gov/CCIIO/Programs-and-Initiatives/Other-Insurance-Protections/cobra_qna
https://money.usnews.com/careers/best-jobs/slideshows/companies-offering-health-insurance-to-part-time-workers?slide=3 - Part-time employers with health insurance
https://www.medicaid.gov/state-overviews/state-profiles/index.html
If-I-Retire-Early-Should-I-Buy-Health-Insurance-Through-The-Health-Insurance-Marketplace-2024.pdf
Are you overpaying for your home and auto insurance? Tune in to this episode where we peel back the layers of insurance policies to help you understand your coverage better. We'll guide you through different types of home and auto insurance, how to balance coverage with affordability, and how to adjust your policies to fit your current needs. Don't miss out on the chance to save on insurance and protect your valuable assets – tune in now!
Resources:
https://www.bankrate.com/insurance/homeowners-insurance/homeowners-insurance-cost/#methodology
https://www.nerdwallet.com/article/insurance/minimum-car-insurance-requirements
Dive into the world of life insurance with us in this episode as we demystify the different types, from term to permanent to what you have at your work and Social Security. We discuss how to determine your needs, the cost of each type, and the advantage. If you're looking for clear and practical advice on life insurance, this episode is a must-listen!
Resources
www.term4sale.com
https://www.ssa.gov/benefits/survivors/
NAIFA (National Association of Insurance and Financial Advisors):
IIABA (Independent Insurance Agents & Brokers of America):
In this thought-provoking episode, we delve deep into a vital question most retirees grapple with - Should you keep or get a mortgage in your retirement years? Join us as we dissect the pros and cons of having a mortgage in retirement, run through numerous scenarios, and offer valuable insights to help you make an informed decision. Whether you're nearing retirement, moving to a new home, or even considering building a new home, this episode is a must-listen. Tune in to discover how careful financial planning can empower you to navigate the uncertainties of retirement and lead a stress-free post-retirement life.
Dive into the world of annuities with us in this episode! We delve into the topic, explaining what annuities are, how they work, and their pros and cons. Whether you're considering annuities for your retirement plan or just want to broaden your financial knowledge, this episode is for you. Don't miss out on this opportunity to learn more, join us in peeling back the layers of annuities!
Resources
https://www.investopedia.com/articles/retirement/121416/retirement-annuities-know-pros-and-cons.asp
https://www.investopedia.com/articles/retirement/07/annuity-benefits-fine-print.asp
https://www.nationwideadvisory.com/products/monument-advisor
https://www.fidelity.com/annuities/FPRA-variable-annuity/overview
Summary
In this episode, we break down the complex process of setting up a paycheck in retirement into simple, manageable steps. We provide insights on assessing your expenses, adding up income sources, calculating the amount needed from your investment accounts, and more! Join us as we share tips on choosing the right withdrawal account, creating your own withdrawal frequency, and the importance of reviewing and adjusting your plan. Whether you're nearing retirement or just starting to plan, this episode offers valuable insights to help you optimize your money and create a sustainable plan for your retirement years. Don't miss out!
Resources
- Genworth cost of care calculator
- Social Security benefits optimization tool (https://opensocialsecurity.com/)
- https://www.kitces.com/blog/consumption-gap-in-retirement-why-most-retirees-will-never-spend-down-their-portfolio/
- https://www.financialplanningassociation.org/sites/default/files/2021-11/2006 - Guyton and Klinger - Decision Rules and SWR (1).PDF
- https://www.kitces.com/blog/probability-of-success-driven-guardrails-advantages-monte-carlo-simulations-analysis-communication/
Join us for an enlightening episode where we peel back the layers of financial planning. We answer one of the most common questions we get – "Where should I put my next dollar?" We've broken down the answer into seven easy steps. Whether you're just starting out or looking to refine your financial strategy, this episode will guide you to make the most out of every dollar. Get ready to dive deep into the world of money and life, and get one step closer to financial stability!
Resources
- Retirement calculator
- Collegesavingsiowa.com (for Iowa 529 plans)
In this episode, we dive deep into the world of investing! Join us as we walk you through a comprehensive investing roadmap. We take the guesswork out of investing and give you actionable steps to kickstart your journey towards financial independence. Whether you're a seasoned investor or just starting out, this episode is packed with insights that will help you optimize your investment strategy and grow your wealth. Don't miss out!
Join us on this episode of Peeling Back Money and Life as we delve deep into the world of Tax Harvesting. Uncover invaluable strategies like tax loss and gain harvesting that can significantly impact your financial health. Whether you're a high earner, a young investor, or planning for retirement, this episode has something for you. Don't miss out on this opportunity to make informed decisions about your investments!
Resources
- Forget Harvesting Losses, It's Time to Harvest Gains!
- Is Capital Loss Harvesting Overvalued?
Description
Join us on this week's episode as we peel back the layers on tax-loss harvesting - a game-changing financial strategy. Discover how it can reduce your taxable income and potentially lower your overall tax rate. We'll unpack the process, illustrate with examples, and even dive into the complexities of the wash-sale rule. Don't miss out on these expert insights into managing your tax liability while maximizing your investment strategy!
Resources
Tax - Loss Harvesting
Wash Sale Rules
Join us in this enlightening episode of 'Peeling Back Money and Life' as we sit down with Jerry Harris, President of Cedar Falls Operations and Chief Experience Officer at Western Home Communities. Discover the evolution of Western Homes, the challenges and innovations in the senior living sector, and gain valuable advice for families considering senior living options. Hear about impactful programs like Fortified Life and Charitable Gift Annuities, and learn about the future of senior living communities. Don't miss this inspiring conversation!
Resources Mentioned
- Fortified Life Program
- Western Home Communities
- 5307 Caraway Ln
Cedar Falls, IA 50613
319-277-2141
Join us as we delve into the top investing rules for successful financial growth. We'll guide you through the process of setting clear investment goals, developing a passive strategy using index funds, and adjusting your portfolio to align with your objectives. Learn how to avoid common pitfalls like emotional decision-making and market timing, and get practical tips on managing costs, rebalancing, and continuous learning. Tune in for this insightful episode - it's time to peel back the layers of money and life!
Resources
- "A Random Walk Down Wall Street" by Burton Malkiel
- "The Little Book of Common Sense Investing" by John C. Bogle
- Books by Mike Finley, Rick Ferri, Charles Ellis
- Investing podcasts, including the Morningstar podcast "The Long View"
- Bogleheads online community
Join us as we welcome Mike Finley, the 'Crazy Man in the Pink Wig,' who shares his incredible journey to achieving financial independence by 45. Discover his unique concept of 'graduation,' essential personal finance principles, and inspiring stories from his work. Don't miss out on practical advice and insights that could transform your financial future!
Resources Mentioned
- Books by Mike Finley: "Financial Happine$$," "The Crazy Man in the Pink Wig," and others
- The Giving Solution: Mike's non-profit organization offering free financial guidance
- Newsletter: Subscribe to Mike Finley's newsletter for ongoing financial tips and insights
- Personal Finance Classes: Attend one of Mike's workshops or classes for hands-on learning
- Youtube by Mike Finley
- Schedule Mike to Speak
Tune into our latest episode where we take a deep dive into Roth Conversions. We discuss when it might not be the right move, the potential impacts on your tax bill and retirement savings, and important considerations to take into account before pulling the trigger on doing a Roth Conversion. This episode is packed with valuable insights and tips, whether you're considering a Roth Conversion or simply want to better understand your retirement options. Don't miss out!
Resources:
- The Premium Tax Credit
- 60-Day Rollover Rule for Retirement Plans
- IRS Uniform Lifetime Table
- Future Value Calculator
- Vanguard: Historical Rate of Return
Unravel the complexities of Roth Conversions in this episode where we take a deep dive into the world of tax planning. Learn about the benefits, pitfalls, and strategies of Roth conversions, and how to leverage them for a more financially secure future. Get insights from a case study and understand how proactive tax planning can save you millions in taxes. This episode is a must-listen for anyone considering Roth conversions or those simply looking to optimize their retirement savings!
Resources
- IRS uniform lifetime table
- Future value calculator
- Vanguard data on historical rate of return
- Medicare IRMAA information
In this episode of Peeling Back Money and Life, join Casey and Mike as they delve into the importance of credit scores and freezing your credit. They break down credit score. Then they dive into the concept of freezing your credit, explaining how it can protect you from fraud and identity theft. With helpful insights and practical steps, this episode is a must-listen if you want to take control of your financial security!
Resources
Credit monitoring
- AnnualCreditReport.com: You can get a freecredit report from each of the three major credit bureaus (Experian, Equifax,and TransUnion) once per year through this site.
Credit score
- CreditKarma
- Credit.com
Credit Bureaus
- Experian
- Equifax
- TransUnion
Password Managers
- LastPass
- Bitwarden
- 1Password
In this episode of Peeling Back Money and Life, we delve into the complex world of financial advisors. We tackle common questions about changing financial advisors, the fiduciary standard, fee-only vs fee-based advisors, and where to find help. We also provide a wealth of resources for finding the right advisor for your needs. Tune in for insightful discussions that will equip you with the knowledge to make informed decisions about your financial future.
Resources
- CFP Boards “Find a CFP Professional” website: www.letsmakeaplan.org
- Financial Planning Associations “PlannerSearch” website: www.plannersearch.org
- National Association of Personal Financial Advisors: NAPFA.org
- XY Planning Network: www.xyplanningnetwork.com
- Advice Only Network: www.adviceonlynetwork.com
- Garett Planning Network: www.garrettplanningnetwork.com
- Foundation for Financial Planning: www.ffpprobono.org
- The Giving Solution: www.thegivingsolution.org
Discover the ins and outs of financial advisor fees in this enlightening episode. We delve into hourly fees, flat fees, asset-based fees, and commissions, and discuss the potential conflicts of interest that each model might bring. We also provide crucial questions to ask your financial advisor to ensure transparency and alignment of interests. Tune in to gain a clear understanding of what you're paying for and how to evaluate the value of advisor fees. With this knowledge, you can make more informed decisions about your financial advisory relationships.
Resources
- Kitces.com
- Questions to ask a financial advisor
- FINRA BrokerCheck
- How to find and work with a financial advisor
- Different Types of Financial Advisors
- XY Planning Network
- National Association of Personal Financial Advisors (NAPFA)
- Fee Only Network
- Financial Planning Association (FPA)
- Garrett Planning Network
Join hosts Casey and Mike as they delve into the world of financial advisors. This insightful episode demystifies the various types of financial advisors, their roles, and how they can assist you in achieving your financial objectives. From comprehensive planners to investment managers, advice-only advisors to insurance agents, and even the salesperson, this episode breaks it all down. Tune in for an enlightening discussion that could potentially change your financial future.
Resources:
Questions to ask a financial advisor - link to our blog article
FINRA BrokerCheck
Link to Episode 17 on How to find and work with a financial advisor
XY Planning Network
National Association of Personal Financial Advisors (NAPFA)
Fee Only Network
Financial Planning Association (FPA)
Garrett Planning Network
Description
Join Casey and Mike as they peel back the layers of estate planning. This essential topic is not just for the wealthy - it's for everyone. They delve into the nitty-gritty of wills, trusts, and the consequences of not having a plan in place. Discover the key components of a comprehensive estate plan and how to avoid common mistakes. They also explore resources available for estate planning. Don't miss out on this informative episode packed with practical tips and action steps!
Resources Mentioned:
- LastPass
- Bitwarden
- Google’s Inactive Account Manager
- Apple’s Legacy Contact
- Facebook Legacy Contact
- Google Photos
- EverPlans
- LegalZoom
- Trust and Will
- Prepare for Your Care
- Five Wishes
Description
In this episode of "Peeling Back Money and Life", join Casey and Mike as they demystify the often intimidating subject of probate. Learn what probate is, the process involved, its pros and cons, and common misconceptions. But most importantly, discover practical strategies to avoid and/or drastically reduce your probate without creating a trust. Tune in for insights that could save you time and money, and give you peace of mind.
Resources
- https://trustandwill.com/learn/probate-fees - Can look by state you live in
Description
In this episode of Peeling Back Money and Life, we delve into the critical but often overlooked topic of advance directives. We discuss what they are, their importance, who should consider having one, and common misconceptions surrounding them. Tune in to hear real-life examples and scenarios, learn about legal and financial considerations, and gain insights on navigating family dynamics when implementing an advance directive. Don't miss this enlightening discussion on taking control of your healthcare decisions.
Resources:
- Prepare for Your Care
- Five Wishes
- “The Art of Dying Well: A Practical Guide to a Good End of Life” by Katy Butler
Join us as we peel back the layers of wills and estate planning. In this episode, we discuss the importance of having a will, common misconceptions, and how to navigate the legal and financial considerations. Learn how to protect your assets, ensure your wishes are met, and preserve your legacy. It's not just about you - it's about protecting your loved ones, too. Don't leave it up to the state - tune in to find out why everyone needs a will.
In this episode, we dive into a wealth of advice for post-secondary students, covering everything from life topics to money topics and some are time management and embarking on your financial independence journey. Tune in to discover practical tips and a treasure trove of resources that can help you navigate your path to a balanced and fulfilling life. Your financial future starts now!
In this episode of Peeling Back Money and Life, Casey and Mike delve deep into the pivotal role parents play in their child's post-secondary education journey. From discussing smart financial planning strategies to providing emotional support, navigating the college application process, and preparing for life after college - this episode is filled with insightful tips and strategies every parent will find invaluable. Tune in to empower your child's transition into adulthood while ensuring your own well-being.
Resources
- "Now What" by Mike Finley
- "The Simple Path to Wealth" by JL Collins
- "I Will Teach You to Be Rich" by Ramit Sethi
- collegesavingsiowa.com - Iowa 529 plan
- Vanguard, Fidelity, or Schwab 529 plans
Join us for an insightful episode where we demystify the financial aspects of post-high school education. From understanding the full spectrum of costs, exploring financial aid options, to making sense of the FAFSA and student loans, we cover it all. We also delve into alternative funding strategies and the importance of guidance during these pivotal moments. Whether you're headed to college, trade school, this episode is packed with valuable tips and resources to help make your dreams a reality. Tune in to make your journey to higher education more manageable and financially savvy.
In this riveting episode of "Peeling Back Money and Life," we explore the crucial topic of choosing your path after high school. Guided by introspection and self-awareness, we delve into strategies for understanding yourself better, and offer practical steps to take action on your aspirations. Featuring insights from leading thinkers and effective tools for goal setting, this episode is a must-listen for anyone standing at the crossroads of life's decisions. Tune in and embark on a journey of self-discovery and future planning.
In this episode of "Peeling Back Money and Life," hosts Casey and Mike explore the various pathways after high school. From traditional four-year colleges to vocational training, military service, and taking a gap year, they discuss the pros and cons of each option. Join them as they dive deep into the topic, providing valuable insights and guidance to help you make an informed decision about your future. Tune in now and peel back the layers of post-secondary possibilities!
In this episode of "Peeling Back Money and Life," Casey and Mike dive into the age-old dilemma of whether to pay off debt or invest. They provide valuable insights and strategies for managing debt. They also discuss key factors to consider when making the decision to pay off debt or invest as well as a framework and guide in helping make your decision of how to go about prioritizing one over the other. Tune in to gain a better understanding of how to navigate this financial conundrum and make informed decisions about your financial future.
In this episode of "Peeling Back Money and Life," Casey and Mike dive into the crucial topic of debt-to-income ratio. They break down what it is, why it matters, and how to calculate it. Discover the ideal range for a healthy debt-to-income ratio and the consequences of having a high ratio. Learn practical strategies for improving your ratio. Plus, explore the mindset shift and environment changes that can help you on your journey to financial well-being. Don't miss this episode filled with valuable insights and tips to take control of your debt and boost your financial health! Tune in now!
Discover how transportation, food, and housing expenses can have a massive impact on your long-term savings rate. Join Casey and Mike as they dive into practical strategies to reduce these costs and optimize your decisions. Find out what they recommend to keep your transportation and housing expenses at compared to your gross income. Don't miss this episode packed with valuable insights to improve your financial well-being. Tune in now!
Join Casey and Mike in this eye-opening episode as they reveal the ultimate system for giving your finances a spring clean. From income, expenses, debt, and investments, to insurance and taxes, they leave no stone unturned. Discover the opportunities for improvement, optimization, and growth in your financial life. Tune in to start your journey towards financial success today!
In this episode, we discuss the important topic of finding and working with a financial planner or advisor. We cover everything from choosing the right advisor to understanding their qualifications and compensation structures. Join us as we explore the qualities to look for, the questions to ask, and how to ensure your advisor aligns with your financial goals and values. Whether you're just starting your financial journey or planning for retirement, this episode will provide valuable insights to help you make informed decisions. Tune in now and discover the benefits of working with a financial planner.Resources
- XY Planning Network
- National Association of Personal Financial Advisors (NAPFA)
- FINRA BrokerCheck
- Fee Only Network
- Financial Planning Association (FPA)
- Garrett Planning Network
In this episode, we dive deep into the world of Investment Policy Statements (IPS) and how they can help you navigate your financial journey. Join us as we discuss the purpose and objectives of an IPS, the essential components to include, and the step-by-step process of creating your own. We also explore common mistakes to avoid and whether to DIY or seek professional assistance. Tune in to this episode and take control of your investments with the power of an IPS!
In this episode of "Peeling Back Money and Life," Casey and Mike dive deep into the world of tax planning strategies. They discuss the importance of strategic planning, different types of income and their tax implications, deductions and credits, retirement planning, and smart tax planning. Whether you're a recent graduate or a seasoned professional, this episode offers valuable insights to help you navigate the complexities of taxes and make informed financial decisions. Tune in now to uncover the secrets of tax planning and optimize your financial future!
In this episode of Peeling Back Money and Life, Casey and Mike talk about what to look for in a tax accountant. They discuss the qualities of a good tax accountant and the importance of choosing the right type of tax professional, like CPAs or enrolled agents. The hosts also talk about the significance of industry specialization, client feedback, and reviews when choosing an accountant. They give tips on interviewing an accountant and provide questions to ask during the process. The episode covers fee structures, the benefits of working with other professionals, and the pros and cons of doing taxes yourself or hiring a professional. Listeners are encouraged to review their current tax approach and make changes if needed.
RESOURCES
Taxes Made Simple: Income Taxes Explained in 100 Pages or Less (Financial Topics in 100 Pages or Less) by Mike Piper
Turbo Tax
H&R Block
In this episode of "Peeling Back Money and Life," Casey and Mike discuss the important steps to take when choosing investments inside your 401k. They cover topics such as understanding your retirement plan, reviewing available funds, monitoring and adjusting your investments, tax implications, and what to do when leaving your employer. Tune in to gain valuable insights and take control of your financial future!
RESOURCES
- The Smartest 401(k) Book You'll Ever Read: Maximize Your Retirement Savings...the Smart Way! [Smartest 403(b) and 457(b), too!] by Daniel Solin
- The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns, 10th Anniversary Edition by John Bogle
- What Color is the Sky: The world of investing is full of illusions that stop you from seeing reality. If you push the clouds aside, the truth will appear. by Mike Finley
- NAPFA: The National Association of Personal Financial Advisors
In this episode, we explore the concept of "enough" and how it relates to our finances and overall well-being. Join us as we discuss the importance of understanding what is truly enough for each of us individually, and how it can lead to a more fulfilling and intentional life. From reflecting on our values and priorities to assessing our financial landscape, we provide practical steps to help you determine your own version of "enough." Whether you're in your 20s or nearing retirement, this episode offers valuable insights and actionable advice to guide you on your path. Tune in now to discover how finding your enough" can transform your financial journey and bring you closer to a life of abundance and fulfillment.
RESOURCES
- "Enough? How much money do you need for the rest of your life?" by Paul D. Armson
- Enough: True Measures of Money, Business, and Life by John Bogle
- The Number: What Do You Need for the Rest of Your Life and What Will It Cost? by Lee Eisenberg
- How to Retire Happy, Wild, and Free: Retirement Wisdom That You Won't Get from Your Financial Advisor by Ernie Zelinski
- Life Planning for You: How to Design & Deliver the Life of Your Dreams by George Kinder's
In this episode of Peeling Back Money and Life, join us as we dive into the world of becoming a wise investor. We discuss practical strategies and insights to simplify your investment approach, learn from independent experts, manage emotions, understand risk and reward, know what you own and why you own it, and stay informed about fees and market trends. Don't miss out on this valuable episode that will empower you to make informed financial decisions and achieve your long-term goals.RESOURCES
- The Smartest Investment Book You'll Ever Read: The Proven Way to Beat the "Pros" and Take Control of Your Financial Future by Daniel Solin
- What Color is the Sky: The world of investing is full of illusions that stop you from seeing reality. If you push the clouds aside, the truth will appear. by Mike Finley
- The Simple Path to Wealth: Your Road Map to Financial Independence and a Rich, Free Life by JL Collins
- The Elements of Investing: Easy Lessons for Every Investor by Burton Malkiel and Charles Ellis
Join hosts Casey Redmond and Mike Dunlop as they break down the complex world of tax documents and filing. In this episode, they discuss the importance of filing taxes, the pros and cons of filing on your own, and the basics of the US tax system. They provide practical tips for organizing your tax documents and share common mistakes to avoid. Whether you're a tax-filing pro or just starting out, this episode will give you the confidence to tackle your taxes head-on. Tune in now and take control of your financial health!
In this episode of "Peeling Back Money and Life," hosts Casey and Mike explore the concepts of asset allocation and asset location.Offering a step by step guide when developing asset allocation and what factors to consider to optimize asset location.
Resources
-
All About Asset Allocation by Rick Ferri
-
What Color is the Sky by Mike Finley
-
Video on asset allocation
In this episode of Peeling Back Money and Life, Casey and Mike dive into the millionaire mindset and discuss the top habits of millionaires.
What distinctions and habits help pave the way for millionaires and sneak peak its not all about having a high income.
Tune in to the full episode for more insights and tips on developing a millionaire mindset and building wealth.
RESOURCES
-
The Millionaire Next Door: Enduring Strategies for Building Wealth by Thomas Stanley and Sarah Stanley
-
Grit: The Power of Passion and Perseverance by Angela Duckworth
-
The Top 10 Distinctions Between Millionaires and the Middle Class by Keith Cameron Smith
In this episode of the Peeling Back Money and Life Podcast, hosts Casey Redmond and Mike Dunlop discuss the topic of "How to Create More Wealth Into Your Life." They explore the mindset shift towards service and the reciprocal relationship between service and wealth. The hosts emphasize the importance of personal growth and well-being in the pursuit of wealth creation. They also discuss the role of relationships, continuous learning, and professional development in fostering abundance. Listeners are encouraged to reflect on how they can apply the principles discussed in their own lives. Overall, this episode provides valuable insights on integrating service into the journey of wealth creation.Resource mentioned:
- "Secrets of the Millionaire Mind" by T. Harv Eker
In this episode, hosts Mike Dunlop and Casey Redmond discuss the importance of mastering personal cashflow and setting up automated systems. They discuss the various money-related decisions we make daily and their cumulative impact on our financial wellbeing. They introduce strategies like setting up automatic bill payments, direct deposit for income and automating transfers. They also provide examples of helpful budgeting apps and tools such as YNAB, Mint, Tiller, Excel, Google Sheets, and Acorns. They further suggest setting financial goals and utilizing investment and retirement planning tools for optimal financial stability. The episode stresses the significance of being proactive, patient, and intentional in financial decision-making.
In this episode of "Peeling Back Money and Life," hosts Casey Redmond and Mike Dunlop discuss key metrics to review yearly and why they matter. They emphasize the importance of understanding the how and the why behind these metrics to make informed financial decisions. The episode covers a range of metrics, including net worth, tax planning, retirement savings, asset allocation, investment returns, budget vs. actual spending, credit score, emergency fund, debt-to-income ratio, and savings rate. Listeners will gain insights into each metric, strategies for tracking and reviewing them, and actionable steps to improve their financial well-being. Tune in to this informative episode to take control of your financial future.
Resources mentioned in the podcast episode:
- Spreadsheet for net worth, asset allocation, tracking spending
- Zillow (for home value)
- www.Creditkarma.com or www.credit.com
- www.annualcreditreport.com
- Equifax, Experian and Transunion for credit bureaus
- Mint, Tiller, YNAB for tracking spending
Please note that the availability and accuracy of these resources may vary, and it's always recommended to use reliable and up-to-date sources.
In this episode of the PBML Podcast, host Casey Redmond and co-host Mike Dunlop interview Mike Finley and discuss the wisdom of the financial legends of Warren Buffett, Charlie Munger, John Bogle, and William Bernstein. They delve into topics such as William Bernstein's new book, the investment strategies outlined in it, and practical applications for listeners. They also explore the key takeaways from Warren Buffett and Charlie Munger's philosophies, as well as John Bogle's revolutionary approach to index investing. The episode concludes with insights on synthesizing these diverse philosophies into practical strategies for everyday investors.RESOURCES
Four-Pillars-Investing-Edition by William Bernstein
The Joys-Compounding-by Gautam Baid
In this episode of the PBML Podcast, Mike and Casey discuss strategies and tips for making 2024 the best year ever. They explore topics such as setting clear goals, developing a positive mindset, time management techniques, prioritizing health and self-care, building strong relationships, giving back to the community, and the importance of reflection and review. Through their conversation, they provide practical advice and insights to help listeners make the most of the upcoming year and achieve their personal and professional goals. Don't miss this inspiring episode as Mike and Casey guide you on the journey to a successful and fulfilling 2024.RESOURCES
15 Secrets Successful People Know About Time Management: The Productivity Habits of 7 Billionaires, 13 Olympic Athletes, 29 Straight-A Students, and 239 Entrepreneurs
Philosopher Note on 15-secrets-successful-people-know-about-time-management
WOOP - (wish, outcome, obstacle, plan) is a practical, accessible, evidence-based motivational strategy developed by Gabriele Oettingen that people can use to find and fulfill their goals, and change their habits
HEROIC - Heroic's collection of wisdom and practical tools helps people show up as their best—both professionally and personally—optimizing every facet of their lives while creating life-changing habits, forging mental toughness and a deep sense of antifragile confidence to meet any and all of life’s challenges.
In this episode, hosts Casey and Mike focus on year-end financial planning, beginning with discussions on unrealized losses in taxable accounts and required minimum distributions (RMDs). They explain how an individual can offset realized gains or ordinary income with losses, offering valuable advice for those with taxable brokerage accounts. A key focus is on the importance of RMDs for individuals reaching certain ages, detailing how those can impact retirement accounts and potentially result in penalties if not correctly handled. This episode additionally explores maximizing HSA and FSA accounts, planning for extra income like bonuses or stock options, and implementing tax planning strategies like Roth conversions and charitable giving. Finally, the hosts offer tips on estate planning, discussing the benefits of the annual exclusion and strategies for transferring wealth while still alive. The episode wraps up with a call to action encouraging listeners to review their financial situation in light of the topics covered.
00:00 Introduction
00:24 Understanding Unrealized Losses in Taxable Accounts
01:08 Strategies for Dealing with Market Fluctuations
01:49 Decoding Required Minimum Distributions (RMDs)
03:54 Understanding RMDs from Different Accounts
07:11 Year-End Tax Planning: Roth Conversions and Charitable Giving
07:51 Capital Gains Harvesting: A Strategy for Taxable Brokerage Accounts
09:51 Managing Year-End Bonuses and Stock Options
14:15 Maximizing Excess Cash Flow: HSA, Employer Plan, and IRA Contributions
15:42 Estate Planning: Understanding the Annual Exclusion
17:41 Call to Action: Review Your Financial Situation
18:31 Conclusion
A journey into the heart of what truly matters in our lives - our financial health and our overall well-being. Each week, we invite you to join us as we explore the intricate layers of money, life, and personal growth, offering a unique blend of financial wisdom, life lessons, and wellness strategies. Through engaging discussions, interviews with industry experts, alongside inspiring stories from individuals from all walks of life, we shed light on how financial decisions and many other life decisions impact our everyday lives and overall happiness. Resources:
- The Psychology of Money by Morgan Housel
- The Code of the Extraordinary Mind: 10 Unconventional Laws to Redefine Your Life and Succeed on Your Own Terms
- Mindset: The New Psychology of Success
- https://www.mindvalley.com/lifebook
- Heroic Coach
- Areté: Activate Your Heroic Potential by Brian Johnson
- https://www.mrmoneymustache.com/
- https://www.whitecoatinvestor.com/
In this episode I just want to say thank you to anyone that has listened to Peeling Back Money and Life. Truly appreciate it! At this time I will be take a break for the foreseeable future to narrow my focus and do some deep work to provide more impact to those that I serve and can serve. Thank you, again and take care.
In this episode we are going to be discussing several different types of people when it comes to handling their money. What type of person are you?
In this week’s episode we are going to talk about how you can get a guaranteed rate of return wisely and when to question a guaranteed rate of return.
In this week's episode we are going to talk about some practical tips and resources that you can use to talk with kids no matter what the age about money.
In this weeks episode we are going to talk about your emotions. Are your emotions serving you in your life? How do you know whether they are or are not? Lets get into the power of emotions in our everyday life.
In this weeks episode we are going to talk about two different paths. The path to becoming rich and the path to becoming broke. Do you know which one you are on? The answer could surprise you.
In this week's episode I am excited to talk with you about how you can massively improve your life starting today!
In this week’s episode, we are going to talk about how to master your cash flow. This is such an important piece in reaching financial freedom that will give you the personal freedom and flexibility that you want to have. This way you can live the life you want and do what you desire when you desire.
In this weeks episode we will walk through important steps that you can walk through in order to make the best vehicle decision over the long-term.
In this episode we are going to go through 11 steps to buying a home the right way.
It is important that you don’t rush into this big purchase. We will talk about things you can do, should do, and what mistakes you can avoid.
In this episode we will discuss a step by step guide to determining the percentage of how much you should have in stocks and bonds/cash. This is also known as asset allocation. As you will come to learn in this episode asset allocation is very important when looking at a projected long-term return of your investments. It is not an exact science but more of an art when determining from individual to individual what is right. Many great investors of our time will differ slightly in their recommendations.
Show Notes
In this week’s episode we are going to talk about 10 Investing Rules of Thumb. Use these 10 rules as a guide when you are making decisions.
Show Notes
In this week’s episode, we are going to talk about using a framework that can help you decide whether to pay off debt or invest your money. We will go through the framework and follow that up with some tangible examples that you can relate to. This framework can also be used whether in other scenarios besides just deciding between debt or investing your money.
Show notes
In today episode you will learn what are the most important actions that you can take today and as you go forward in order to provide you a life you desire. The flexibility, confidence, and freedom to do what you want. To live that fulfilling life you have always desired and deserve.
Show notes
In today’s episode we are going to talk about what investment vehicles aka accounts are available to you. We will discuss how you can navigate which one is best for you and where to initially start. Towards the end we will discuss some self-employed accounts as well.
Accounts discussed:
401(k) or 403(b) up to the full employer match.
HSA, if you are eligible.
Employer’s plan if it has good investment options and low fees.
IRA, either Roth or Traditional.
Backdoor Roth IRA, if you’re not eligible for a regular IRA contribution.
Taxable account
Solo 401k
SEP IRA
SIMPLE IRA
Show Notes
In this weeks episode we discuss credit 101. Specifically why it is important, how you can check your credit score, how you can build it up, and the top Do's and Don'ts.
Show Notes
In this week episode we will be discussing the top planning strategies you can take to get ready for college. This is good information for both parent and student. Enjoy!
Show notes
In this episode we are going to be discussing the top two ways that you can save for college. Specifically we will be discussing mainly the use of 529 plans and taxable account also known as a brokerage account.
Full show notes
In this week's episode we are talking about the steps you should take when choosing investments inside your 401k or any workplace retirement account. We will also discuss 5 big items affecting your investment success.
Full show notes
In this week's episode we discuss:
- How do you know how much is enough
- Why its so important to know your number
- What you should and shouldn't be focusing on
- Lastly, we will be talking about 3 types of people
Full show notes
In this episode, we will discuss how to live your desired lifestyle no matter what life stage you are currently living and why too many of us don’t get there.
Full show notes
In this week's episode you will learn what steps can you take to better prepare for the non-monetary side of retirement. Specifically, what have you seen and heard from those who have retired well and those who haven’t retired well. What vision do you have for retirement and how can you make that a reality. What does your ideal week and day look like and a framework that you can use.
Full show notes
We all have made mistakes with our money and many times in hindsight wish we would have done things differently.
In this episode, you will learn about the top 2 money mistakes people make and how can you overcome them.
- Magical thinking
- Financial Dependency
For full show notes
In this episode you will learn:
- What are the three habits that can have a profound impact on your life
- How to implement them into your life on a daily basis consistently
- Tools that you can use
For full show notes
Obviously, no one wants to even think about the thought of going on with life without their better half. The fear and avoidance lead many people to just ignore it. Due to ignoring it, they end up never actually planning for it. The spouse alive and potential kids are the most immediate ones that are living with the impact for the aftermath.
In this episode you will learn:
- The critical importance of planning in advance no matter your age
- What steps and strategies you can take right now
- What you may need to consider as you move through life’s stages
For full show notes
Send us your questions or share your story
When the majority of homeowners refinance they don’t look at the whole picture. This episode will help you decide if refinancing is right for you and what process you can take to reach that decision. Ultimately, its about making the right decision for you and your family given your particular situation so your money can work better for you.
In this episode, you will learn:
- The reasons people consider refinancing
- What you should consider and steps to take prior to refinancing
Full show notes here.
In this weeks episode on Peeling Back Money and Life we discuss strategies to access money from retirement accounts prior to age 59.5 and doing it penalty free! Why someone may consider using these strategies. Toward the end of the episode we talk about he pros and cons of the strategies and the steps to achieving them.
Check out show notes here.
This week on Peeling Back Money and Life, we discuss the benefits of owning and contributing to an HSA (Health Savings Account). The triple tax savings you could have by owning an HSA. Many of us are use to an FSA (Flexible Spending Account) so we will discuss the FSA vs HSA. Also, you may have heard the terms traditional health plan and/or a high deductible health plan. We will dive into those to give you a better understanding of the differences. Then towards the end of the show we will walk through a real-life example of choosing an FSA vs HSA. This topic of HSA's which has to do with our health needs now and into the future is important for everyone to maximize their money in paying for current and/or future health care costs.
Full show notes - https://bit.ly/2Aancaq
In this episode covering debt we will be talking about:
- Different types of debt
- How to handle debt and strategies you can utilize
Listen to this episode if you are considering purchasing an annuity, own an annuity, or just to educate yourself in the likely event someone tries to sell you one.
In this episode we will talk about:
- The several different types of annuities
- Pros and Cons of buying one
- Options if you currently have one
In this weeks episode we will be:
-
Defining passive versus active investing
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Discussing how we can deal with investment uncertainty
In this weeks episode:
- How can we make the best of uncertain times in our lives whether its COVID-19 or the next thing
- What are some strategies and tactics that we can utilize to not just survive but to thrive and come out better in the end
In this episode, we are going to be talking about
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Different types of investment professionals
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What you should be looking for
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What you should ask them
Check out this episode!
In Part 1 we discussed how to make the most of your investments during COVID-19
In this episode Part 2 we will discuss maximizing your life during this time.
How are you dealing with all of this uncertainty.
Call to Action:
Look at your nighttime and morning routine? Do you have one? Take a look at the miracle morning or 6-phase meditation. Making it your own is key, but those are good frameworks to get you going!
Check out this episode!
In Part 1 of making the most of COVID-19, we will discuss how to make the most of your investments.
- What to do when markets take big twist and turns
- What actions you should take
In part 2 next week we will discuss maximizing your life during this time.
Check out this episode!
In this episode, we will discuss how to withdrawal money while you are in retirement to fund your lifestyle.
- How to withdrawal with keeping taxes in mind
- Withdrawal strategies
- Withdrawal in different market environments - bull or bear
“If you believe you can change - if you make it a habit - the change becomes real.”
-Charles Duhigg
In today’s episode we will cover:
- How to create a good habit
- How to break a bad habit
- Habit stacking
- Habit Tracking
In today’s episode, we are talking about how to design your best life. Your ideal life.
My experience with:
- Have - do - be
- Personal vision
- Lifebook - 12 dimensions of our life
Show Notes:
“Do what is hard and life is easier, do what is easy and life is much more difficult”.
Did you figure out your asset allocation from our last episode? Was it where you wanted it to be? How far off was it? Did you define your rebalancing strategy? Committed to stick to your asset allocation and rebalancing through thick and thin in both bear and bull markets?
In this episode we will cover:
- The cost in our investment portfolio: the different type of fees, how to determine the costs, importance of knowing the costs and how to lower your costs
- How taxes play in role in your portfolio
- How to reduce your tax burden through tax efficient investing
Quick Recap of Episodes 5 and 6 where we talked about investing: Make sure you are learning from the right resources
- Independent resources: i.e - John Bogle, Burton Malkiel, Charles Ellis, William Bernstein, Larry Swedrow, Daniel Solin, Rick Ferri, David Swensen, Frank Armstrong III, Warren Buffett
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- Avoid the salespeople and being careful on how much media you tune into and listening to family and friends
- Did you take a look at your investments and any debt you have out there? Factor in opportunity costs
- Remember to keep your emotions at bay (Fear, Greed, Overconfidence)
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- Recent market events
- Review the terminology I included in the show notes on episode 5 (recency bias, reversion to the mean, alpha, loss aversion, expense ratio, cost basis, asset allocation, negative correlated assets, rule of 72, rebalancing, efficient market hypothesis, modern portfolio theory
In this episode we will cover:
- Importance of asset allocation and what it is
- How to get your ideal asset allocation
- Rebalancing method(s)
- Historical returns of cash, bonds, stocks, real estate - plus and minuses of each of those investments
Resources:
Fame and French.
Historical Averages based on different asset allocations.
For more information on the episode visit: https://peelingbacklayers.com/podcast/
Did you take that one piece of action from episode 5 and pick up a book from an independent resource?
Try to read 1-2 financial books a year on minimum and astounding things will happen over your lifetime. The compounding effect of accumulating knowledge from the right sources can change the course of your life, your families lives, and the lives you come in contact with across your lifetime.
In this episode we will cover:
- Characteristics of a sound investor
- Investment Terminology
- Risks when it comes to investing
For the show notes go to:
https://peelingbacklayers.com/6-becoming-a-sound-investor/
Where have you picked up your education on investing and money up until this point?
What rating would you give yourself?
How do you tell good advice versus bad advice?
In this episode we will cover:
- What to do before you start investing your money
- Key attributes of a great investor
- Resources on investing
- Types of investments
For the show notes go to:
https://peelingbacklayers.com/5-how-would-you-rate-your-knowledge-as-an-investor/
In this episode we will talk about:
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How to figure out your current savings rate
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How to increase your savings rate
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Why would you want to increase your savings rate
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Our strategy for consistently saving a huge chuck of our money each year
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What is the minimum savings rate you should strive for
In this episode we will talk about:
1) Where the average american spends their money according to the Bureau of Labor Statistics - particularly the big 3 areas.
2) How can we as consumers do a better job of spending and planning in those areas
What is financial independence? Why reach for it and how to do it? How much do you need to reach financial independence? Those will be some of the questions that we answer it today's podcast. I will talk about strategies that you can start implementing today to begin this journey and/or to speed it up if you are already on it.
To kick off this podcast we are going to talk about goals and values for our money and our life. We will be covering the following:
What do you value in life? What are your goals inf life? What are your goals for money? What are your money values? Are your goals and values congruent with each other? Is how you interact with money reflective of your values?
Looking forward to getting your feedback and learning together on this journey.